Question 1

The earned income tax credit is not refundable.

Accepted Answer

A) True 
 B)False  False

Question 2

Section 6 involves gross income and Section 7 outlines itemized deductions.

Accepted Answer

A) True 
 B)False  False

Question 3

Which tax service is owned by Thomson?

Accepted Answer

A) Tax Center. 
B) Standard Federal Tax Reporter. 
C) Tax Research Network. 
D) Tax Management Portfolios. 
E) None of the above. 
A) Tax Center. 
B) Standard Federal Tax Reporter. 
C) Tax Research Network. 
D) Tax Management Portfolios. 
E) None of the above. E

Question 4

Which item may override an Internal Revenue Code section?

Accepted Answer

A) Revenue Ruling. 
B) Revenue Procedure. 
C) Tax treaty. 
D) Tax Court Memorandum decision. 
E) None of the above. 
A) Revenue Ruling. 
B) Revenue Procedure. 
C) Tax treaty. 
D) Tax Court Memorandum decision. 
E) None of the above.

Question 5

The U.S.Tax Court follows a policy of always deciding cases based upon what it thinks the results should be.

Accepted Answer

A) True 
 B)False

Question 6

Explain simulations on the CPA examination.

Accepted Answer

Simulations are small case studies desig

Question 7

Douglas and Sue,related parties,are landlord and tenant as to certain business property.If the IRS questions the amount of rent Sue is paying to Douglas,this is an illustration of the:

Accepted Answer

A) Arm's length concept. 
B) Continuity of interest concept. 
C) Tax benefit rule. 
D) Substance over form concept. 
E) None of the above. 
A) Arm's length concept. 
B) Continuity of interest concept. 
C) Tax benefit rule. 
D) Substance over form concept. 
E) None of the above.

Question 8

Taxation is included in the Regulation section of the CPA examination.

Accepted Answer

A) True 
 B)False

Question 9

Federal tax legislation generally originates in what body?

Accepted Answer

A) Internal Revenue Service. 
B) Senate Finance Committee. 
C) House Ways and Means Committee. 
D) House Taxation Committee. 
E) None of the above. 
A) Internal Revenue Service. 
B) Senate Finance Committee. 
C) House Ways and Means Committee. 
D) House Taxation Committee. 
E) None of the above.

Question 10

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 26 of the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 11

In general,the "Blue Book" is a primary source of tax law.

Accepted Answer

A) True 
 B)False

Question 12

Allowing a taxpayer to choose either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Accepted Answer

A) True 
 B)False

Question 13

Regulations may first be found in:

Accepted Answer

A) Federal Register. 
B) Cumulative Bulletin. 
C) Internal Revenue Bulletin. 
D) I.R.S.Digest. 
E) All of the above. 
A) Federal Register. 
B) Cumulative Bulletin. 
C) Internal Revenue Bulletin. 
D) I.R.S.Digest. 
E) All of the above.

Question 14

Which state is a separate property state?

Accepted Answer

A) Arizona. 
B) Louisiana. 
C) New Mexico. 
D) North Carolina. 
E) None of the above. 
A) Arizona. 
B) Louisiana. 
C) New Mexico. 
D) North Carolina. 
E) None of the above.

Question 15

Which of the following types of Regulations has the highest tax validity?

Accepted Answer

A) Procedural. 
B) Proposed. 
C) Interpretive. 
D) Legislative. 
E) None of the above. 
A) Procedural. 
B) Proposed. 
C) Interpretive. 
D) Legislative. 
E) None of the above.

Question 16

Revenue Rulings are published semiannually in the:

Accepted Answer

A) Cumulative Bulletin. 
B) Federal Revenue Bulletin. 
C) Internal Revenue Bulletin. 
D) I.R.S.Digest. 
E) None of the above. 
A) Cumulative Bulletin. 
B) Federal Revenue Bulletin. 
C) Internal Revenue Bulletin. 
D) I.R.S.Digest. 
E) None of the above.

Question 17

Determine the incorrect citation:

Accepted Answer

A) Ltr.Rul.20012305. 
B) George W.Guill,112 T.C.__,No.22 (1999). 
C) Ltr.Rul.200108052. 
D) Rev.Rul,98-32,I.R.B.No.25,4. 
E) None of the above. 
A) Ltr.Rul.20012305. 
B) George W.Guill,112 T.C.__,No.22 (1999). 
C) Ltr.Rul.200108052. 
D) Rev.Rul,98-32,I.R.B.No.25,4. 
E) None of the above.

Question 18

The citation § 280B is not a proper reference to a section in the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 19

A taxpayer who lives in Louisiana and loses in the U.S.Tax Court can appeal to the Fifth Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 20

A cite such as 372 U.S.39 indicates a memorandum decision of the U.S.Tax Court.

Accepted Answer

A) True 
 B)False

The earned income tax credit is not refundable.

Section 6 involves gross income and Section 7 outlines itemized deductions.

Which tax service is owned by Thomson?

Which item may override an Internal Revenue Code section?

The U.S.Tax Court follows a policy of always deciding cases based upon what it thinks the results should be.

Explain simulations on the CPA examination.

Douglas and Sue,related parties,are landlord and tenant as to certain business property.If the IRS questions the amount of rent Sue is paying to Douglas,this is an illustration of the:

Taxation is included in the Regulation section of the CPA examination.

Federal tax legislation generally originates in what body?

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 26 of the Internal Revenue Code.

In general,the "Blue Book" is a primary source of tax law.

Allowing a taxpayer to choose either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Regulations may first be found in:

Which state is a separate property state?

Which of the following types of Regulations has the highest tax validity?

Revenue Rulings are published semiannually in the:

Determine the incorrect citation:

The citation § 280B is not a proper reference to a section in the Internal Revenue Code.

A taxpayer who lives in Louisiana and loses in the U.S.Tax Court can appeal to the Fifth Court of Appeals.

A cite such as 372 U.S.39 indicates a memorandum decision of the U.S.Tax Court.

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, operation, and Basis

Partnerships: Distributions, transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters

Exam 1: Understanding and Working With the Federal Tax Law

The earned income tax credit is not refundable.

Section 6 involves gross income and Section 7 outlines itemized deductions.

Which tax service is owned by Thomson?

Which item may override an Internal Revenue Code section?

The U.S.Tax Court follows a policy of always deciding cases based upon what it thinks the results should be.

Explain simulations on the CPA examination.

Douglas and Sue,related parties,are landlord and tenant as to certain business property.If the IRS questions the amount of rent Sue is paying to Douglas,this is an illustration of the:

Taxation is included in the Regulation section of the CPA examination.

Federal tax legislation generally originates in what body?

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 26 of the Internal Revenue Code.

In general,the "Blue Book" is a primary source of tax law.

Allowing a taxpayer to choose either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Regulations may first be found in:

Which state is a separate property state?

Which of the following types of Regulations has the highest tax validity?

Revenue Rulings are published semiannually in the:

Determine the incorrect citation:

The citation § 280B is not a proper reference to a section in the Internal Revenue Code.

A taxpayer who lives in Louisiana and loses in the U.S.Tax Court can appeal to the Fifth Court of Appeals.

A cite such as 372 U.S.39 indicates a memorandum decision of the U.S.Tax Court.

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, operation, and Basis

Partnerships: Distributions, transfer of Interests, and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters